* The chemical company project seemingly back on track
* The Chematur MoU converted into an agreement
* We keep our fair value of SEK 3.7 per share
Bioextrax reported Q1 2026 figures close to our estimates, with total revenues of KSEK 228 and an EBIT of MSEK -4.3. Cost control remains critical as the company works towards cash flow neutrality, and it left the quarter with a cash balance of MSEK 11.6. On the commercial side, the Chematur Engineering MoU has now converted into an agreement related to a two-phase project with a potential value of MEUR 3.4 for Bioextrax. Negotiations with the chemical company also appear to have resumed after a breakthrough in the patent landscape, with CEO Edvard Hall expressing hope for a binding contract by the end of June. We keep our fair value unchanged at SEK 3.7 per share.